FX.co ★ USD/CHF

Hello traders! I have been waiting for a corrective move to the upside from the USD/CHF pair for a while, and finally today it happened as the price bounced off the new pair's low at 0.7915. At the moment, the USD/CHF pair has risen 40 pips higher, reaching Friday's low at 0.7955. However, it's definitely too early for the bulls to celebrate, as a new downward wave could start from here, supported by the advisor on my four-hour chart. I anticipate that the quotes of this currency pair may bounce down from testing the 14-period moving average line, while staying below both bands of the descending trend indicator 2 EMA, which is logical within the current medium-term downtrend. Nevertheless, I still hope for a slightly larger rise in this currency pair, specifically towards the resistance at 0.7970 as indicated on my screenshot, although even such an increase won't solve the bulls' problem of reversing the trend to the upside just yet. Therefore, from there, we also expect a resumption of the USD/CHF decline with targets around the 0.7900 level.